Intel Corp. posted a first-quarter profit and revenue that beat Wall Street expectations on Tuesday, as the world's largest microchip maker became the first major technology company to report results for the period.
Intel (INTC, Fortune 500) earned a profit of $2.4 billion, or 43 cents per share, during the three months ended March 27. That's almost four times what the Santa Clara, Calif., company reported for the first quarter of 2009, amid the downturn.Analysts polled by Thomson Reuters expected the chip giant to earn 38 cents per share.
Intel's quarterly sales rose 44% to $10.3 billion, the highest the company has ever reported for its first quarter of the year. The revenue also topped analysts' forecast of $9.8 billion.
Revenue for Intel's PC unit rose 43% from a year earlier, but remained flat compared to a quarter earlier. Higher average selling prices were offset by volume declines, Intel chief financial officer Stacy Smith said...
